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  1. Recreational property prices will increase by 6.8% in 2024

    Recreational property prices will increase in 2024 as cottage owners opt to retain their properties despite concerns about interest rates, affordability and recent tax changes, according to a report from a major real estate listing firm.

    ReMax’s Canada Cottage Cabin Trends Report projects that recreational property prices will increase by 6.8 per cent in 2024, with the majority of Canadian cottage owners (64 per cent) not even considering selling their properties this year, despite new capital gains rules announced in the federal budget.

    By Shantaé Campbell
    30-04-2024

  2. B.C. housing market showing signs of marginal improvement

    B.C.’s housing market saw a slight improvement in March as home sales nudged higher following a 5.9-per-cent decline in February. Sales increased 0.7 per cent to reach 5,866 unit sales. Home prices rose 1.8 per cent. This said, housing momentum has waned in the last few months as buyer sentiment shifted amid interest rate uncertainty.

    MLS home sales increased in most of the province’s real estate board areas. The Greater Vancouver area saw home sales increase by 1.4 per cent following a decline in the previous month. In Chilliwack, home sales increased only slightly—by just 0.5 per cent—while the Kootenays reported a 17.2-per-cent increase. Home sales also rose 9.4 per cent on Vancouver Island, and were unchanged in the Fraser Valley. However, the Okanagan-Mainline and South Okanagan areas recorded sales declines of 8.9 per cent and 19 per cent, respectively.
    By Bryan Yu
    23-04-2024

  3. Lethbridge industrial market strengthens as options limited

    Western Canada’s industrial markets are at an inflection point as demand normalizes and the pause that hit new construction last year begins to make itself felt.

    Conservative market sentiment is now creating the conditions for stronger performance in 2024, Avison Young reports, with cities like Lethbridge poised to see a landlord’s market for industrial space.

    Lethbridge reported a 4.1 per cent vacancy rate in the first quarter, up from 4 per cent at the end of 2023. But space under construction is down more than half from last year to 50,000 square feet, creating potential supply constraints.
    By Peter Mitham
    22-04-2024

  4. Increase to capital gains tax will cause a flood in the cottage market: Muskoka realtor

    The new tax rates, set to be in force as of June 25, will increase the inclusion rate on capital gains from any sale from 50 per cent above the first $250,000 to 66 per cent.

    That change will have significant implications for cottage owners. Many have seen the value of their properties skyrocket in recent years, which could cause them to kick the tires and sell before the higher tax rules kick in. 

    By Whitney Keunen
    22-04-2024

  5. High-tech sensors in workplaces, postal-code analysis among tools for real estate strategies.

    Driven by persistent return-to-in-person challenges, local companies are leveraging office space data to optimize the physical spaces they occupy.

    Employee commute times and office space utilization data are informing companies’ strategies for encouraging in-person work and optimizing office layouts to meet long-term goals, according to those who spoke toBIV.

    “As companies are revisiting or choosing to revisit their office space, they’re looking at a year to two years of real good data of who’s coming in, how often, what are they doing and what’s the purpose of the office for those people,” said Alain Rivère, vice-president of the high technologies group at CBRE.
    By Claire Wilson
    19-04-2024

  6. Detached home starts decline as condo, townhome starts boom in 2023

    The West Coast housing market saw a significant boost in construction activity last year, according to a new report by the Chartered Professional Accountants of British Columbia (CPABC).

    The annualBC Check-Up: Investreport found that construction began on 35,553 housing units in southwest B.C. during the year, a 20.9 per cent jump compared with 2022. This marks the highest number of housing starts ever recorded in the region.

    “Our members living in the Lower Mainland have consistently reported that housing prices are the biggest challenge facing B.C. businesses,” said Lori Mathison, president and CEO of CPABC, said in an April 18 statement.
    By BIV Staff
    18-04-2024

  7. BOC’s Latest Rate Announcement

    On April 10, 2024, the Bank of Canada announced it was keeping its overnight rate target at 5%, alongside a Bank Rate of 5.25% and a deposit rate of 5%. It also maintained its strategy of reducing money in circulation, for quantitative tightening.

    The Bank predicts the global economy will grow around 3%, with inflation in most developed economies gradually decreasing and the US economy outperforming expectations. While US economic growth is expected to slow in the latter part of the year, it will still be stronger than expected in January.

    By Joanna Gerber
    17-04-2024

  8. Toronto’s Commercial Real Estate Update

    An Altus Group study found that, in the final quarter of 2023, the Greater Toronto Area (GTA) witnessed a total dollar volume of $22.8 billion in 2023’s final quarter, showing a drop of roughly 25% compared to the year before. Despite this slight deceleration, Toronto has kept its place as one of the top three markets for investors; Vancouver and Ottawa are the other leaders.

    The industrial sector maintained stability, with $7.6 billion in dollar volume transacted, showing a marginal increase year-over-year, while the hotel sector exhibited signs of recovery, with $202 million in dollar volume transacted, for a significant 24% increase compared to the previous year.

    By Joanna Gerber
    16-04-2024

  9. B.C. experts urge more budget spending to tackle housing crisis

    Industry experts are still hoping for some housing-related budget surprises, despite federal spending details being pretty much an open book ahead of this week’s unveiling.

    “We don't often know what's going to be in the budget until it's released, but it seems that approach has changed,” said Jill Atkey, CEO of the BC Non-Profit Housing Association (BCNPHA).

    “When a budget gets released all in one day, with billions and billions of dollars in spending, each of those initiatives doesn't really get the attention that it potentially deserves. So, it's nice to have a bit more of a focus on housing in the lead-up.”
    By Claire Wilson
    15-04-2024

  10. Attendees at Canadian Hotel Investment Conference Told of Renewed Interest

    The mood at the Canadian Hotel Investment Conference that took place in Toronto was elevated by the renewed investor interest in the hospitality sector and attendees were told to expect an increase in hotel sales this year compared to the past few years.

    A panel of brokers assured the audience that conditions in 2024 are optimal for hotel sales despite the high-interest rate environment. They also said the expected variety of investment opportunities in Canadian hotels has helped to pique investors' interest, pointing specifically to the return of large urban hotel opportunities.
    By Laura Baxter
    12-04-2024

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